Unemployment Rate in Turkey Continues to Decline
The seasonally adjusted unemployment rate was recorded at 8.7% in the third quarter of 2024. According to the results of the Household Labor Force Survey, the number of unemployed decreased by 20,000, totaling 3 million 106 thousand unemployed individuals.
When looking at the unemployment rate by gender, the rate for men was estimated at 6.9%, while for women it was 12.1%. These figures highlight the ongoing gender disparity in the labor market.
The employment rate increased to 49.6%. In the third quarter of 2024, the seasonally adjusted employment rate rose to 49.6%. The number of employed individuals increased by 136,000, reaching a total of 32 million 734 thousand.
The employment rate for men was recorded at 67.2%, while it stood at 32.4% for women. This clearly shows that the employment rate among men remains higher than that of women.
The labor force participation rate was recorded at 54.3%. In the third quarter of 2024, the seasonally adjusted labor force participation rate was determined to be 54.3%. The labor force increased by 116,000 individuals, totaling 35 million 840 thousand.
The labor force participation rate for men was 72.1%, while for women it was 36.9%. The data indicates that men's participation in the labor force is generally higher than that of women.
The unemployment rate among the young population increased to 16.8%. Among the young population aged 15-24, the unemployment rate rose to 16.8%, marking a 0.5-point increase compared to the previous quarter.
Unemployment among young men was measured at 13.3%, while the rate for young women reached 23.5%. The unemployment rates among the youth underscore the importance of policies aimed at this critical demographic for economic productivity.
Employment in the services sector accounted for 58.2%. The seasonally adjusted employment in the services sector made up 58.2% of total employment. During the same period, there was an increase of 110,000 in the services sector, while the industrial sector recorded a 46,000 increase.
The number of employed individuals in the agricultural sector decreased by 32,000, while there was an increase of 12,000 in the construction sector. The data shows that the services sector holds the largest share of employment.
The average weekly working hours decreased to 42.6 hours. The seasonally and calendar adjusted average actual working hours recorded in the third quarter of 2024 was 42.6 hours, a decrease of 1.3 hours compared to the previous quarter.
This reduction in working hours may indicate changes in job intensity or the nature of work. This period of shorter working hours can lead to various assessments regarding labor productivity.
The underutilized labor rate was measured at 26.5%. The seasonally adjusted underutilized labor rate was recorded at 26.5%. This figure reflects the combination of time-related underemployment, potential labor force, and the unemployed.
The integrated rate of time-related underemployment and the unemployed was determined to be 17.8%, while the integrated rate of the potential labor force and the unemployed was 18.4%. These data on the underutilized labor rate provide crucial insights into the current state of the labor market and capacity utilization.